9911796707
TMI Blog1931 (12) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... tance that the 59,000 dollors borrowed by the Saigon branch and transferred to Rangoon to the Rangoon branch were repaid by the Saigon branch to the lenders before a retransfer of the amount from Rangoon, the Income Tax Commissioner should have drawn the inference that, the 59,000 dollors were a remittance from capital rather than from profits. 2. The facts are that the petitioners carry on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re all mixed up and out of these mixed up funds only a sum of $6,000 happened to be in the cash chest at the time and the balance had been lent out to various persons. Upon the receipt of instructions from the petitioners the Saigon agent raised the money necessary partly by collecting soma of the debts due to these business, such of them as could be collected readily, and partly by borrowing from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rangoon business cut of the profits of the Saigon firm. The petitioner's contention here is that this was a remittance of money borrowed, that money borrowed is not profit but represents capital and that it was, therefore a remittance of the Saipon firm's capital to Rangoon and not liable to assessment to Income Tax. Ordinarily that contention that borrowed money is not a profit may be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were made out of these profits and not out of capital; and that presumption has arisen in this case and has not been rebutted by any evidence on the side Of the petitioners. There is result of this transaction is that whereas there were aims in the same of accumulated profits of more than the amount of $53,000 after the repayment of the sums borrowed from the local moneylenders, the accumulated p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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